Economic Highs, Tech Moves, and Student Loan Worries: A Market Roundup

Growth Despite Consumer Sentiment Dip

The U. S. economy grew by 4. 3% in the third quarter, despite a recent dip in consumer sentiment. Spending remained robust, climbing to 3. 5% from the previous quarter's 2. 5%.

Holiday Shopping Surge

• Retail spending increased by 4. 2%, led by e-commerce and electronics.
• 37% of Americans took on holiday debt, averaging $1, 223, up from last year's $1, 181.

Investor Doubts on Interest Rate Cuts

This economic growth has made investors doubt if the Federal Reserve will cut interest rates early next year.

Stock Market Hits New Highs

• The S&P 500 set a record, driven by tech giants like Alphabet, Nvidia, Broadcom, and Amazon.
• Precious metals continued their record-breaking streak.

BP Sells Stake in Castrol

BP sold a 65% stake in its lubricants business, Castrol, for $6 billion to Stonepeak.

Market Closure for Christmas Eve

• Stock markets will close at 1 p. m. ET.
• Bond markets will close at 2 p. m. ET.

Student Loan Defaults and Wage Garnishment

• 5 million borrowers are currently in default.
• The Education Department plans to send notices to around 1, 000 borrowers the week of January 7.

U. S. Delays Tariffs on Chinese Semiconductors

The U. S. delayed new tariffs on Chinese semiconductor imports until June 2027 to ease trade tensions.

ServiceNow Boosts Cybersecurity

• ServiceNow is acquiring Armis for $7. 75 billion to enhance its AI capabilities.
• CEO Bill McDermott highlighted that this acquisition will create the only AI control tower driving workflow and business outcomes.

Waymo Updates Fleet for Future Outages

Waymo is updating its fleet to better handle future outages after a recent blackout in San Francisco disrupted its driverless car service.